Financial Assessments and Investigation of Indicators of Financial Well-Being in an Emerging Market

28 Pages Posted: 6 Sep 2017

See all articles by Halil Kiymaz

Halil Kiymaz

Rollins College

Belma Ozturkkal

Kadir Has University Istanbul, Turkey

Date Written: August 31, 2017


This study investigates the financial self-assessments and households’ well-being using a national survey of 2,567 households in Turkey. We use Maslow’s hierarchy of needs framework through households’ views for their ability to meet current living expenses in the short-term as well as their saving decisions for their retirements in the long-term. Findings show that households’ daily concerns including inability to meet short-term expenses including healthcare, daily living expenses (food and utilities), and inability to maintain the existing life standard are highly significant factors in explaining their financial well-being. Moving to the next stage in Maslow’s hierarchy of needs, we find that having enough income during the retirement and ability to find a job in the future when needed are positively related to financial well-being. When households’ income is from work, rental properties, family, and retirement, they feel financially more secure. We find that households with high inheritance income expectations or income from private pension at the retirement tend to save less. Finally, when the number of people in the family providing family income is more than two persons, they tend to save less.

Keywords: financial well-being and assessment, saving behavior, retirement, emerging market, Turkey

JEL Classification: D10, D14, D19

Suggested Citation

Kiymaz, Halil and Ozturkkal, Belma, Financial Assessments and Investigation of Indicators of Financial Well-Being in an Emerging Market (August 31, 2017). Available at SSRN: or

Halil Kiymaz

Rollins College ( email )

Winter Park, FL 32789
United States
4076462267 (Phone)

Belma Ozturkkal (Contact Author)

Kadir Has University Istanbul, Turkey ( email )

Kadir Has Caddesi Cibali
+90 212 533 5765 (Phone)

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